Shop local is a popular topic here, but this week I’ve watched a new trend pop up: bank local.
Move Your Money is encouraging people to shift their money to locally owned banks. The site includes bank rankings by Institutional Risk Analytics. All of my local banks scored B+ or higher.
The project was dreamed up at a pre-Christmas dinner party of political activists. And the campaign is seemingly everywhere. It has spread by social networks, and while I was in Dallas this week, I saw it on the local news.
Your local banks are important your community. The people who work there volunteer in your community. You see them in the homecoming parade. (When was the last time you saw your international mega-bank in your small town parade?)
Jack Schultz has reminded us that “too big to fail” should come with additional capital reserve requirements. I listen to Jack on banking issues because he serves on his local bank’s board of directors. He also points out, in an Sept 30, 2008 issue of the AgUrban newsletter, that the big problem for local banks is the huge burden of regulation that is out-scale for small banks. Also read the Nov. 18, 2008 issue, and the reader reactions in the Oct. 7, 2008 issue.
So, what’s your take on the bank local initiative?
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- How Randolph, Nebraska, turned a dilapidated property into a new spec house - February 16, 2015
- How do you stop extending credit and still keep your customers? - February 9, 2015
- Talk about the problems. Sell the results. Teach the basics. - February 2, 2015
- 19 things you can do with a building that has no roof - January 19, 2015
- How to cut down on the nasty surprises in business - January 12, 2015
- The problem with statewide meetings that ignore rural - January 5, 2015
- End of year checklist for small business - December 29, 2014
- Survey says: Shopping at small businesses makes people feel good - December 10, 2014